Nancy Thompson
Tue, Jul 25, 2023 11:35 AM

Ondo State's Drive for Industrial Revolution: $2 Billion Investment and 70,000 New Jobs

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Ondo State's Drive for Industrial Revolution: $2 Billion Investment and 70,000 New Jobs
The Ondo State Government in Nigeria has unveiled plans to attract $2 billion in investments, which will result in the creation of 70,000 new jobs. The Acting Governor, Lucky Aiyedatiwa, made the announcement at the Develop Ondo 2.0 Investment Summit, highlighting the state's investment potential in various sectors such as agriculture, mining, manufacturing, renewable energy, and tourism. The summit aims to promote Ondo State as a premier investment destination and foster a conducive business climate for both local and international investors.

The Ondo State Government, under the leadership of Acting Governor Lucky Aiyedatiwa, is pushing ahead with ambitious plans to elevate the state to a commercial hub and stimulate an industrial revolution. As part of this vision, the government aims to attract $2 billion in investments, a move that is expected to generate 70,000 new jobs.

The announcement came during the opening session of the Develop Ondo 2.0 Investment Summit, held in the state capital, Akure. The summit, which aims to showcase Ondo State's investment potential and foster partnerships, is set to engage 100 donor-partners and 1,500 investors.

Acting Governor Aiyedatiwa emphasized the state's diverse sectors that offer enticing opportunities for growth and prosperity. Agriculture, with its abundant arable land and favorable climate, presents vast potential for agribusiness ventures, agro-processing, and value-added industries.

Ondo State is also rich in natural resources, including natural gas and minerals such as bitumen, limestone, granite, coal, kaolin, and glass sand. These resources open doors for investments in mining and solid mineral exploration.

The state is positioned to experience a remarkable industrial revolution, particularly in the manufacturing sector. With ample opportunities for establishing processing and value-added industries, Ondo State is set to become a hub for manufacturing activities.

Renewable energy is another sector with great potential. Ondo State has abundant renewable energy sources, such as solar and biomass, making it an ideal location for investments in renewable energy generation and related infrastructure.

In addition to its economic potential, Ondo State boasts captivating landscapes, wildlife reserves, historical sites, and cultural heritage. The tourism sector holds enormous promise and already attracts visitors from far and near.

The Director-General of the Ondo State Performance and Project Implementation Monitoring Unit (PPIMU), Babajide Akeredolu, highlighted the state's commitment to human capacity development. Through initiatives like the Civil Service Innovation Challenge, the state aims to unearth innovative ideas that can boost the socio-economic fortunes of Ondo State.

The Develop Ondo 2.0 Investment Summit has gained support from the United Nations Development Programme (UNDP), which is ready to collaborate with the state in building a sustainable and inclusive economy.

The summit serves as a platform to connect stakeholders, foster dialogue, and forge partnerships that will drive accelerated development in Ondo State.

Ondo State is on the verge of a transformative industrial revolution, with the potential to position itself as a premier investment destination in Nigeria.

Source of content: OOO News 2023-07-25 News

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